Anticipated wage from college graduates for his or her first full-time job dropped barely in comparison with 2022
Hong Kong, sixth July 2023 – Universum, a world thought chief in employer branding, at this time introduced the Hong Kong findings of its newest annual world expertise survey. Surveying over 4,000 college students from 9 universities in Hong Kong, Universum’s analysis goals to measure and uncover key insights in regards to the profession aspirations and preferences of Hong Kong’s next- era of expertise. The findings assess a number of metrics, together with most popular employers and work environments, anticipated annual remuneration and profession pathways that upcoming graduates are searching for once they be a part of Hong Kong’s job market.
This yr, J.P. Morgan retained its prime place as a great employer amongst enterprise/commerce college students, adopted by HSBC, much like the earlier yr. For the fourth consecutive yr, the HKSAR Authorities has been chosen by engineering/pure sciences college students as their prime perfect employer. For college kids throughout each disciplines, tech large Google continues to be ranked amongst them as certainly one of their prime 5 most engaging corporations.
College students’ preferences have stayed constant from final yr in Splendid Employer Rankings
Enterprise/commerce college students ranked banking as their most most popular trade (50%), adopted by monetary companies & expertise (35%) and administration & technique consulting (33%). A notable enhance was proven in college students’ desire to work in administration & technique consulting, which elevated by over 10% from final yr. College students in enterprise/commerce have voted J.P. Morgan and HSBC as the highest two corporations within the perfect employer rankings this yr, according to the outcomes from 2022.
Trade preferences have been balanced out throughout engineering/pure sciences college students, the place they ranked training (23%), arts, leisure & recreation (22%), laptop software program & expertise (22%), banking (22%) and IT & engineering consulting (20%) as their prime 5 selections. They continued to rank the HKSAR Authorities, Google, Apple, Microsoft and J.P. Morgan as their prime 5 perfect employers, unchanged from 2022. Nevertheless, their prime 50 rankings of perfect employers noticed notable shifts as Citi climbed within the checklist, leaping 46 locations to 47.
Prioritising a pleasant work setting in employment
“A pleasant work setting” was ranked as college students’ prime desire in 2023, persevering with the pattern from 2022. The next two preferences that have been favoured most extremely have been “skilled coaching & growth” and “encouraging work-life steadiness”. Alternatively, “excessive future earnings” was ranked decrease than the earlier yr, declining by 2 locations to 4th place. This highlighted the shift in expectations from college students, as they more and more prioritize elements impacting their well-being extra over monetary earnings.
College students in search of 3% much less beginning wage – a wake-up name?
The 2023 survey outcomes confirmed a lower in college students’ anticipated annual wage upon commencement, the place it declined to HKD292.9k (HKD24.4k per 30 days) from HKD303.0k (HKD25.2k per 30 days) in 2022, dropping 3%. This reversed the pattern set from 2022’s survey, which had then revealed a 19% enhance in college students’ anticipated annual wage compared to 2021. This means that college students are doubtless conscious of the shift away from the Nice Resignation interval and right into a much less sure financial setting the place high-profile layoffs are extra frequent, and therefore are extra prudent of their wage expectations.
Amongst college students learning enterprise/commerce, anticipated salaries decreased by 6% to HKD279.7k every year (HKD23.3k per 30 days), whereas engineering/pure sciences college students’ anticipated salaries confirmed a comparatively smaller lower of two% to HKD299.2k every year (HKD24.9k per 30 days), in comparison with 2022.
Mike Parsons, Managing Director of APAC for Universum, stated, “Universum’s annual survey clearly highlights the change in developments and preferences amongst Hong Kong’s rising expertise pool within the job market. Whereas all of the metrics we measure are essential, it’s the shifts in prioritization which might be most telling. Proper now, we’re seeing younger expertise in Hong Kong prioritizing work setting and profession growth over monetary earnings and wage, a pattern that may be seen in lots of the extra developed markets worldwide. Tomorrow’s workforce is very motivated by acknowledgement and progress alternatives that allow them to really feel valued and included of their group, with monetary compensation typically coming second.
From an employer perspective, this notable shift in values and priorities offers them with a possibility to redefine their provides and messaging to potential expertise. In view of the continued expertise crunch and eager competitors for expertise in Hong Kong, employers want to emphasise that staff can be supplied with a wholesome work setting that delivers function and worth, to distinguish themselves from opponents concerning the alternatives accessible throughout the organisation.”
Gender hole in anticipated annual wage widens regardless of final yr’s closing of the hole
In 2023, the gender hole on anticipated annual wage widened to 9% with anticipated salaries of males at HKD320.7k and girls at HKD293.4k every year. This contrasts with 2022’s survey outcomes, which confirmed a big lower within the gender pay hole to 7% and the bottom gender pay hole in 5 years. Nevertheless, this yr’s pay expectation disparity between female and male college students in Hong Kong is comparatively decrease than in earlier years, the place the gender hole has repeatedly been within the double-digit vary (2019: 12%, 2020: 14%, 2021: 13%). This means that whereas expertise are conscious of the more durable financial circumstances in comparison with a yr in the past, the drop in confidence is barely greater amongst females.
Rising significance of LinkedIn and Instagram to have interaction with future expertise
Skills are more and more utilizing social media channels, similar to LinkedIn and Instagram, as a channel to find out about employers and organizations. Social media was ranked as probably the most used communication channel amongst expertise (62%), exhibiting a 7% enhance from 55% in 2022.
On-line job boards (second most used communication channel) and employer’s profession web sites (second most used on-line platform) are additionally nonetheless essential sources for college students to search out out about employers. With a spread of at the very least 4 channels as sources of knowledge on their most popular employer, this demonstrates how skills are making certain they do enough analysis when deciding on the place to use and what provides to just accept.
Commenting on the prevalence of social media getting used as a device of reference and affect, Parsons stated, “Our information signifies college students steadily flip to social media as a supply of knowledge to study extra about potential employers. College students extremely worth insights on the subjects that matter probably the most to them, similar to remuneration and advantages, coaching and growth alternatives, development pathways and dealing environments. Employers want to make sure they’re leveraging these channels with a purpose to keep away from being ignored by their focused future expertise. ”
About Universum
Universum is a data-driven employer branding company. Based in Stockholm, we at the moment are lively in over 60 international locations, with key hubs in Zürich, Paris, Berlin, London, New York, Singapore and Shanghai. The Universum Expertise Survey, carried out in over 60 markets worldwide, surveyed a couple of million college students and professionals about their preferences amongst potential employers, their profession concepts, and communication preferences. Leveraging this, we offer our purchasers with the analysis, technique, and artistic options they should compete extra successfully for expertise.
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